• Cboe RMC | Mar 8, 2018, 6:32 PM

    Behavioral Finance Discussion at Cboe RMC

    Behavioral Finance Discussion at Cboe RMC

    Stacey Gilbert from Susquehanna and Ilya Feygin from WallachBeth Capital teamed up to talk about Behavioral Finance at Cboe RMC today in Bonita Springs, FL.  Stacey started out with an experiment discussing certain and probable wins and losses.  The point was to show that the expected rationality of decisions breaks down in certain situations.  She then mentions Prospect Theory which is basically the study of how people made decisions.  Specifically, she talked about loss aversion. [...]

  • Cboe RMC | Mar 8, 2018, 11:55 AM

    Louis Gave discusses China, the Dollar, and Recent Market Action at Cboe RMC

    Louis Gave discusses China, the Dollar, and Recent Market Action at Cboe RMC

    Louis-Vincent Gave from Gavekal in Hong Kong delivered a speech called Market Movers:  The Structure and the Cycle in 2018.  He starts out saying he’s often been depicted as a China perma-bull.  He notes that when considering an investment, you need to look into people’s incentives.  In China the recent party congress dictated that the focus is shifting from economic growth to being more aware of healthcare, housing, and the environmental impact of decisions. [...]

  • Cboe RMC | Mar 8, 2018, 9:51 AM

    Highlights from Fireside Chat with Cameron and Tyler Winklevoss at RMC

    Highlights from Fireside Chat with Cameron and Tyler Winklevoss at RMC

    Paul Stephens from Cboe conducted a fireside chat with Cameron and Tyler Winklevoss covering their insights into Bitcoin and Bitcoin XBT futures that were listed at the Cboe Futures Exchange in December 2017.   They started out discussing Bitcoin and blockchain technology.  They often refer to Bitcoin as Gold 2.0 and noted that the CFTC has declared bitcoin as a commodity.  Some background was given with respect to the creation of the Gemini Trust, it was noted that it took[...]

  • VIX | Cboe RMC | Mar 8, 2018, 8:23 AM

    Cboe Chairman and CEO Ed Tilly Kicks Off Day Two of Cboe RMC, Provides Thoughts on VIX, Volatility and Risk Management

    Cboe Chairman and CEO Ed Tilly Kicks Off Day Two of Cboe RMC, Provides Thoughts on VIX, Volatility and Risk Management

    Day two of Cboe RMC U.S. 2018 kicked off with Ed Tilly, Chairman and Chief Executive Officer of Cboe Global Markets, welcoming approximately 300 attendees to this year’s event, the 34th annual Cboe Risk Management Conference. Given the recent return of volatility to the marketplace, Tilly focused his remarks on volatility, Cboe’s VIX Index and risk management.  February 5 was an extreme day in the market.  The Dow and VIX Index experienced record single-day moves.  Exchange[...]

  • Cboe RMC | Mar 7, 2018, 3:02 PM

    Interpreting Volatility-Related Indicators and Determining Courses of Action at Cboe RMC

    Interpreting Volatility-Related Indicators and Determining Courses of Action at Cboe RMC

    Bill Speth from Cboe Global Markets teamed up with Mandy Xu, Chief Equity Derivatives Strategist Credit Suisse, for a session titled Interpreting Volatility-Related Indicators, and Determining Courses of Action.    Bill started out noting that the recent market activity has shown that many people understand volatility, but just as many do not understand volatility.  Cboe is taking on the task of raising the bar to try to educate more market participants on volatility and VIX. [...]

  • Cboe RMC | Mar 7, 2018, 7:23 AM

    New Report Shows Growth Over 17 Years in Number of Funds Using Options

    New Report Shows Growth Over 17 Years in Number of Funds Using Options

    A newly released report found that the number of SEC regulated funds using options rose from 10 in 2000 to 157 in 2017, and that the aggregate amount of assets in the options-based funds has risen to more than $54 billion. The new study, “Performance Analysis of Option-Based Equity Mutual Funds, CEFs and ETFs: An Update” is now available at www.cboe.com/funds  The new white paper updates the original findings of 2014 study of SEC-registered option-based funds, which focus on broad-based[...]

  • VIX | Trader Talk | Nov 5, 2017, 1:18 PM

    Agenda Set for 3rd Annual Cboe RMC Asia - Dec 5 - 6

    Agenda Set for 3rd Annual Cboe RMC Asia - Dec 5 - 6

    Every job has the things you ‘have to do’ and those that you ‘get to do’.  I know I have worn this line out, but I cannot think of a better way to describe what the Cboe Risk Management Conferences mean to me.  The schedule for this year’s Asian version of RMC was posted on Friday and as always the lineup is very strong with respect to both the quality of speakers as well as the topics that will be covered in Hong Kong on December 5th and 6th.  Day[...]

  • VIX | Trader Talk | Education | Sep 13, 2017, 9:29 AM

    Panel on Sourcing Index Option Liquidity at RMC Europe

    Panel on Sourcing Index Option Liquidity at RMC Europe

    Henry Schwartz, President of Trade Alert led a panel discussion on Sourcing Liquidity in Index Options today at RMC in Europe.  The panelists were: Kristin Boyd, Director, Credit Suisse William Ellington, Managing Partner, X-Change Financial Access LLC Stacey Gilbert, Head of Derivatives Strategy, Susquehanna Sander van Zelm, Head of Institutional Trading, Optiver Henry started things off giving an overview of the US options industry.  He noted that indexes (specifically[...]

  • VIX | Trader Talk | Education | Sep 13, 2017, 4:08 AM

    Panel on Volatility ETPs at CBOE RMC

    Panel on Volatility ETPs at CBOE RMC

    Nick Cherney, Head of Exchange Traded Products at Janus Henderson and Pete Clarke, Global Head of Equity Derivatives Strategy at UBS split duties for a session titled Design and Trading of US and European Volatility Related ETPs at RMC today. Cherney kicked things off giving a history of VIX related ETPs and demonstrating the tremendous growth of these markets.  He also noted the VSTOXX futures market is growing, but that the size of that market is much smaller than the VIX futures market. [...]

  • Trader Talk | Education | Sep 13, 2017, 2:59 AM

    Panel on Long and Relative Value Volatility Trading and Tail Risk

    Panel on Long and Relative Value Volatility Trading and Tail Risk

    The first session on the final day at RMC was a panel discussion titled, Panel on Long and Relative Value Volatility Trading and Tail Risk.  The panel was moderated by Paul Leech from JP Morgan and panelists, who represented all major regions of the globe, were David Dredge CIO Convex Strategies at City Financial Investment Company Oleg Lugovkin, Portfolio Manager, Argentiere Capital Chris Rodarte, Portfolio Manager, Pine River Capital Management Pierre de Saab, Partner and[...]

  • Trader Talk | Education | Sep 12, 2017, 2:59 PM

    Designer Dispersion Trading Discussed at CBOE RMC

    Designer Dispersion Trading Discussed at CBOE RMC

    In one of the final sessions today at CBOE RMC Europe Riddhi Prasad from Deutsche Bank and Arne Staal of Standard Life Investments delivered a talk titled Designer Dispersion: Identifying Optimized Risk Premium.   The pair discussed dispersion trades for extracting risk adjusted value which is separate from the volatility risk premium.  They also discussed what drives performance in different volatility regimes.  By ‘designer dispersion’ they are referring to using optimized[...]

  • Trader Talk | Education | Sep 12, 2017, 10:48 AM

    How to Hedge Cross-Asset Portfolios with Risk Transfer

    How to Hedge Cross-Asset Portfolios with Risk Transfer

    Kokou Agbo-Bloua from Societe Generale and Natasha Sibley of Henderson Global Investors shared duties in a discussion titled How to Hedge Cross-Asset Portfolios with Risk Transfer this afternoon at CBOE RMC Europe.  They explored how the hedging needs from different investors such as pension funds, asset managers, and insurance companies are drivers of the supply and demand of market correlations.  These hedging needs may result in various trading opportunities.  Natasha showed how[...]

  • VIX | Trader Talk | Education | Sep 12, 2017, 10:45 AM

    RMC Panel on Market Structure

    RMC Panel on Market Structure

    Philip Stafford from the Financial Times moderated a panel on Market Structure for Equity, Equity-Related Options and Volatility Products and FX today at RMC Europe.  The panelists were: Bryan Christian, SVP, Head of US Sales, Bats Global Markets, CBOE Holdings Eric Frait, Vice President, Business Analysis, CBOE/CFE, CBOE Holdings Mark Hemsley, CEO, Bats Europe, CBOE Holdings Paul Millward, Head of FX Product Strategy, CBOE Holdings A topic of interest in Europe is the pending[...]

  • Market News | Trader Talk | Education | Sep 12, 2017, 8:21 AM

    Volatility: Harvest Premia or Hedge Risk?

    Volatility:  Harvest Premia or Hedge Risk?

    Abhinandan Deb from Bank of America Merrill Lynch led a discussion with Roni Israelov from AQR and Neale Jackson from 36 South Capital Advisors to kick off the afternoon session at RMC today.  This was a unique session in that the panelists compared and contrasted either harvesting risk premium or hedging risk with volatility which was appropriately titled Volatility: Harvest Premia or Hedge Risk? An opening statement from Roni was that we are here learning about not losing money or manage risk[...]

  • Market News | Education | Sep 12, 2017, 6:49 AM

    The Current Volatility Environment Discussion at CBOE RMC

    The Current Volatility Environment Discussion at CBOE RMC

    Maneesh Deshpande from Barclays discussed The Current Volatility Environment today at CBOE RMC Europe.  In a wide-ranging talk, he covered the current low volatility regime, how VIX related ETPs may be impacting the derivatives markets and addressed the common question, “How low can VIX go?”.  He started out addressing the question, “Why is VIX low?”.  He noted that realized volatility has been very low, but this is common during market rallies.  He also[...]

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